He was promoted to managing director and earlier this year, under his stewardship, Bombardier won the Crossrail rolling stock contract - a deal that will keep the Litchurch Lane factory busy for years to come.

The Crossrail work was in addition to contracts with Southern Railways and Transport for London - secured after the company lost out on the £1.6 billion Thameslink deal in 2011.

In his new role, Mr Paonessa will oversee the delivery of Network Rail’s £25 billion of infrastructure renewals and enhancements, much of which already has been allocated to contractors through several major frameworks deals.

The five-year investment plan involves thousands of projects around the country aimed at delivering a bigger, better railway enabling more trains to run, at higher speeds with more seats and better facilities at stations up and down the country.

As reported in Derby Telegraph last week, Network Rail will be spending £1.6 billion over the next five years in the East Midlands alone, which includes the electrification of the Midland Main Line and reconfiguration work at Derby station that will improve the speed of train services.

Mark Carne, Network Rail’s chief executive, said: “The scale and complexity of Network Rail’s investment programme makes this one of the most challenging and exciting roles in Britain today.

“Francis brings with him significant leadership experience from the rail industry, including a strong focus on both workforce and passenger safety.

“I would like to welcome him to Network Rail and know that he will continue Simon’s excellent work as we build a bigger, better railway for Britain.”

Network Rail said that Mr Paonessa would be paid an annual salary of £425,000, with a maximum bonus “opportunity” of 20%.